BUSINESS
Bitcoin heading to zero, China warns investors
The warning came as the cryptocurrency market continued to face meltdown with Bitcoin hovering around $21,000 per digital coin on Saturday -- a substantial drop from its record high of $68,000 in November last year. "Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high," the newspaper said.
Ola shuts used car biz, winds up Q-commerce platform Ola Dash
Ola has so far shut down Ola Cafe, food panda, Ola Foods, and now Ola Dash. "Ola has reassessed its priorities and decided to shut down Ola Dash - its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for Ola Electric," the company said in a statement.
Investor group acquires SaaS firm Zendesk for $10.2 billion
Under the terms of this agreement, Zendesk shareholders will receive $77.50 per share. The offer represents a premium of approximately 34 per cent over Zendesk's closing stock price on June 23. Zendesk will become a privately held company upon completion of the transaction. Zendesk started the customer experience revolution in 2007 by enabling any business around the world to take their customer service online.
Zomato acquires 15-minute delivery platform Blinkit for Rs 4,447 cr
Zomato already owned more than 9 per cent stake in Blinkit (earlier Grofers). While the earlier Blinkit deal value was around $700 million, the drop in Zomato's share price reduced it to $568 million. "This foray into the next big category is timely as our existing food business is steadily growing towards profitability," said Zomato CEO Deepinder Goyal.
Electricity used to mine bitcoin decreased sharply as crypto crisis widens
The electricity consumption of the bitcoin network has fallen by a third from its high of June 11, down to an annualised 131 terawatt-hours a year, according to estimates from the crypto analyst Digiconomist, The Guardian reported. That still equates to the annual consumption of Argentina, with a single conventional bitcoin transaction using the same amount of electricity that a typical US household would use over 50 days.
Indian EV players hail new govt standards for lithium-ion batteries
The BIS, which comes under the Union Consumer Affairs Ministry, has published the "performance standards for electronic vehicle batteries" in a bid to keep a strict control over the manufacturing of EV batteries. "There has never been a better time for the BIS performance standards for EV batteries to be implemented.
Bank unions defer June 27 strike as IBA agrees to start talks on July 1
The residual issues are like five-day week for bankers, hike in conveyance allowance to physically challenged employees, uniform banking hours in branches, improvement in medical insurance and staff welfare schemes, fitment to ex-servicemen employees, improvement in the pension rules as given to the Central government staff, special allowance in Northeastern states and others, Venkatachalam said.
Robust innovation at ITC's Life Sciences and Technology Centre powered its businesses in FY22
From waste reduction, environment conservation to quickly launching products tailored to the dynamic needs of the consumers, the company has recorded handsome achievements on multiple fronts through internal innovation and R&D. ITC continues to make significant progress in reducing specific waste generation through constant monitoring and improvement of efficiencies in material utilisation and also in achieving almost total recycling of waste generated in operations.
Qantas begins to shrink Covid debt with restart of travel
According to the latest financial year report, Qantas' debt peaked during the pandemic at more than A$6.4 billion ($4.42 billion) but was expected to fall to around A$4 billion by June 30, reports Xinhua news agency. The airline attributed the improvement to strong international and travel demand over the first half of 2022 since Australia lifted the majority of Covid-related travel restrictions.
Global PC monitor market sluggish in Q1, shipments to decline further
Amid a tough market, Dell with 22.4 per cent market share expanded its leadership position through its supply chain competency and commercial sales, reports the IDC. Overall, the market was a tale of two halves - the commercial market grew over 5 per cent while the consumer side declined 5 per cent. Samsung also saw year-over-year growth, buoyed in part by its leader status in the consumer monitor space.
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